Assume current liabilities include only items from operations (e.g., accounts payable, taxes payable). Long-term liabilities include items from financing (e.g. bonds and other long-term liabilities). Note that the company did not sell any equipment and did not borrow any additional long-term liabilities throughout the year. Prepare the cash flow statement for 2020 using the indirect method. Assume no dividends were declared or paid in 2020 Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash. Planet Inc. Cash Flow Statement For the Year Ended May 31, 2020 Cash Flow from Operations Net Income Adjustments to reconcile Net Income to Cash Depreciation Expense Change in Operating Assets and Liabilities Increase in Accounts Receivable Increase in Prepaid Expenses Increase in Merchandise Inventory Net Cash Provided (Used) by Operating Activities Cash Flow from Investing Activities Purchase of Equipment Net Cash Provided (Used) by Investing Activities Cash Flow from Financing Activities Issuance of Common Shares Repayment of Long-Term Liabilities Net Cash Provided (Used) by Financing Activities Net Increase (Decrease) in Cash Cash at the Beginning of the Year Contact us Cash at the End of the Year A simplified balance sheet for Planet Inc. contain the following amounts at the end of 2019 and 2020. Planet Inc. Balance Sheet As at May 31 2020 2019 Assets Current Assets Cash $20,600 $8,800 Accounts Receivable $ 14,900 $10,600 Prepaid Expenses $2,200 $600 Merchandise Inventory $29,600 $10,400 Total Current Assets $67,300 $30,400 Long-Term Assets Equipment $ 188,000 $173,000 Less: Accumulated Depreciation $-27,500 $-15,600 Total Long-Term Assets $ 160,500 $157,400 Total Assets $227,800 $ 187,800 Liabilities Current Liabilities Long-Term Liabilities Total Liabilities $23,500 $23,500 $29,000 $41,000 $52,500 $64,500 Shareholders' Equity Contributed Capital Preferred Shares Common Shares Total Contributed Capital Retained Earnings Total Shareholders' Equity Total Liabilities and Equity $52,000 $52,000 $28,000 $6,000 $80,000 $58,000 $95,300 $65,300 $175,300 $123,300 $227,800 $ 187,800 Contact Planet Inc. Cash Flow Statement For the Year Ended September 30, 2011 Cash Flow from Operations Net Income Add: Depreciation Change in current assets & liabilities (excluding loans) Accounts Receivable Prepaid Expenses Inventory Change in Cash Due to Operations Cash Flow from Investment Change in long-term assets Change in Cash Due to Investment Cash Flow from Financing Contributed Capital Long-Term Debt Change in Cash Due to Financing Summary Opening cash balance Cash from Operations Cash from Investments Cash from Financing Closing cash balance Total Change in Cash